AusBiotech is calling for member feedback on the design of the Federal Government’s new $392.4 million Industry Growth Program that will provide expert advice and funding to innovative Australian SMEs.
Announced in the 2023-24 Federal Budget, the Department of Industry, Science and Resources’ (DISR) new Industry Growth Program aims to support SMEs to commercialise ideas and grow operations.
The programme’s focus on commercialisation and early-stage business growth advice, combined with grants, aims to attract investment, grow the workforce, and increase revenue. It has been designed to align with the National Reconstruction Fund (NRF) by driving early-stage investment across the seven priority areas, including medical science and enabling capabilities.
The DISR intends to engage expert advice and partner with industry organisations thereby drawing on their expertise and networks.
Matched funding grants will range from $50,000 to $250,000 for very early-stage commercialisation projects; the remainder of the grant programme will range from $100,000 to $5 million, project periods for all grants will be up to 24 months.
The consultation paper notes that the Industry Growth Program is designed to provide a bridge during ‘valley of death’ that early-stage companies often face, and to support them to be in a position to seek potential funding through the NRF or gain other investment elsewhere.
As the voice of industry, AusBiotech is calling for written feedback for its submission, and invites expressions of interest for a virtual roundtable on Tuesday 18 July. Please contact Karen Parr, Director, Communications and Policy, by Friday 21 July.
Consultation questions include:
- project and company eligibility criteria;
- diversity and inclusion considerations;
- beneficial capabilities and resources for industry partner organisations;
- governance and grant assessment; and,
- success measures.
Read the full consultation paper here.